Approaching retirement age and feeling uncertain about your financial future? You're not alone.
According to AMP's 2022 Financial Wellness report, almost half of working Australians don't know how much they'll need to have saved for retirement. The key to a comfortable and secure retirement is careful planning, so, here are some essential tips to help you get started.
The first step in retirement planning is understanding when you can access your superannuation.
Your preservation age, which is between 55 and 60 depending on when you were born, is the earliest you can withdraw your super. Once you reach 65, you can access your super even if you're still working.
The 4% rule is a popular guideline for retirement spending. It suggests that retirees can safely withdraw 4% of their savings in the first year of retirement, and then adjust that amount for inflation each subsequent year for 30 years.
While it's a useful starting point, it's important to tailor your withdrawal strategy to your specific needs and goals.
To figure out how much you'll need in retirement, consider your lifestyle priorities and estimate your living costs.
As a rule of thumb, aim for two-thirds of your current living costs, assuming you've paid off your mortgage. Use a retirement calculator to estimate how much you'll need to save.
Your main retirement income options are an account-based pension, an annuity, a lump sum, or a combination of these.
You may also be eligible for the Age Pension or other government benefits. Consider a transition to retirement strategy if you want to reduce your work hours but aren't ready to retire completely.
As you approach retirement, review your life insurance coverage to ensure it still meets your needs.
You may no longer need as much coverage if your children are grown and your mortgage is paid off. However, maintaining some life insurance can still be beneficial for covering final expenses or leaving an inheritance.
Preparing for retirement can be complex, so don't hesitate to seek professional advice.
Our independent financial advisor team can help you create a comprehensive retirement plan tailored to your unique circumstances. Plus, we can provide guidance on wealth management, business planning, and aged care financial advice.
Remember, retirement planning is an ongoing process. Regularly review your plan and make adjustments as your circumstances change. With careful planning and the right advice, you can achieve the financially secure retirement you've always dreamed of.
It's never too early to start planning for retirement. Ideally, you should begin saving and investing as soon as you start earning an income. The earlier you start, the more time your money has to grow through compound interest.
The minimum superannuation contribution is currently 110.5% of your gross salary, which your employer must pay. However, to ensure a comfortable retirement, consider making additional voluntary contributions. Salary sacrificing into your super can be a tax-effective way to boost your retirement savings.
The Age Pension is a government benefit that provides income support to eligible older Australians. Eligibility depends on your age, residency status, and income and assets. As of 2024, the qualifying age for the Age Pension is 67 years.
Ideally, yes. Entering retirement debt-free can significantly reduce your financial stress and expenses. Prioritise paying off high-interest debts like credit cards and personal loans, then focus on your mortgage.
To make your retirement savings last, consider implementing a sustainable withdrawal strategy like the 4% rule. Diversifying your investments can also help manage risk and potentially provide a steady income stream. Regularly review your spending and adjust as necessary.
If you're worried you haven't saved enough, there are still steps you can take. Consider delaying retirement by a few years, working part-time in retirement, or downsizing your home. You may also be eligible for government benefits like the Age Pension or Rent Assistance.
Are you considering working with a financial planner but not sure what to expect? A financial planner is a professional who helps individuals and families manage their money, plan for the future, and achieve their financial goals.
Let's take a closer look at what financial planners do, how to find a good one, and what questions to ask in your first meeting.
A financial planner provides personalised advice to help you make smart decisions about your money. They can assist with a wide range of financial matters, including:
Financial planners take a holistic view of your finances and help you see the big picture. And because they create customised plans based on your unique circumstances and goals, they offer a much more individualised approach to other options out there.
While you can manage your own finances, there are many benefits to working with a professional financial planner:
Studies show that people who work with a financial planner feel more confident and secure about their finances. While there is a cost involved, the value and peace of mind can be well worth it.
Not all financial planners are created equal. It's critical to do your due diligence and choose a trustworthy planner. Here are some key things to look for:
Beware of financial planners who guarantee specific investment returns, pressure you to act quickly, or seem more interested in selling products than understanding your needs. Take your time to find the right fit.
When meeting with a potential financial planner, come prepared with questions to assess whether they match you. Here are some key things to ask:
Listen carefully to the planner's responses and consider whether they take the time to understand your needs, goals and concerns fully. The right planner will happily answer all your questions and demonstrate their expertise and commitment to your success.
For example, at Allied Wealth, we make sure you fully understand the process and how we can help you along the way. We’ll always do our best to answer all of your questions and ensure you’re comfortable with the proposed strategy.
Working with a financial planner can provide valuable guidance and support to help you achieve your short and long-term financial goals. By understanding what to expect from the process, what to look for in a planner, and what questions to ask, you'll be well-positioned to find the right financial planning partner.
When you're ready to take the next step, consider working with an experienced and trusted firm like Allied Wealth. Our team of independent financial advisors specialise in wealth management, retirement planning, and business financial advice to help clients build and protect their hard-earned money. Schedule a no-obligation consultation to learn more about how they can help you achieve financial success.
Looking for an aged care financial advisor? We can help with that, too!
It’s no secret that the current financial landscape means that navigating investments, retirement planning, estate management and all the other nitty gritty aspects of your finances can be a bit daunting – and this is exactly where a wealth advisor comes in!
At Allied Wealth, our team is able to provide you with personalised, independent and unbiased financial advice so that you can meet your unique financial goals.
Understanding the role of a wealth advisor is crucial! Essentially they are a financial professional who can provide you with comprehensive guidance on how to create wealth or manage your wealth in the most effective way.
This may include financial planning strategies, retirement planning, tax optimisation, estate planning, investment strategy or anything in between! A wealth advisor basically serves as your partner in your finances.
There are a few key responsibilities of wealth advisors that you may or may not be familiar with, these are some of the key responsibilities of a wealth advisor if you choose to work with one.
Financial planning
A wealth advisor starts by understanding your financial situation, your goals and your risk tolerance. They then work to create customised financial plans that include strategies for those goals – whatever they may be.
Another key responsibility of wealth advisors is to manage investments on behalf of their clients. This could involve creating a diversified portfolio aligned with your goals. The advisor adjusts and monitors your portfolio to respond to market conditions and changes in your financial situation.
Retirement is something that we all look forward to, and helping you plan for a financially stable retirement is a primary goal of a wealth advisor. This could mean estimating your retirement income needs, structuring your withdrawal plans or anything in between.
At Allied Wealth, we pride ourselves on offering some of the best independent financial advice Australia wide. If you’re looking for a wealth advisor and you’re considering a member of our team, here’s just a few of the many reasons you should consider working with us!
When it comes to finding the perfect fit, the right wealth advisor can really be a make or break decision when it comes to your finances. At Allied Wealth, we are committed to guiding you through every step of the way so that you can receive comprehensive advice that is tailored to you.
Financial advisors play a critical role when it comes to helping individuals to navigate their finances. Whether it’s personal finances, investments, retirement planning or anything in between seeking out the help of an experienced professional can be very beneficial.
Whilst you’ve probably heard the term financial advisor before, there is often confusion about what a financial advisor actually is and what they actually do.
This is our comprehensive guide to what a financial advisor is, what it is they actually do and how they can help you get a better understanding your finances.
In short, a financial advisor is a person who provides guidance and expertise on a range of different aspects of your finances. A financial advisor's main goal is to help their clients to make informed decisions about managing their money, investing for the future and planning for significant life events like retirement.
Financial advisors work closely with their clients to understand their financial goals, risk tolerance and their current financial situation to help develop personalised strategies to help their clients hit their financial objectives.
There are a number of different financial services available when you work with a financial advisor, these are some of the most common services you can expect to see financial advisors offering to their clients.
One of the main things a financial advisor can help you with is to help you build and manage your investment portfolios tailored to your financial goals. This means helping with advice in regards to types of investments, asset allocation and ongoing monitoring to help optimise your returns and manage your risk.
Financial advisors can help clients in creating financial plans that address their financial situation as well as their goals for the future. This can include budgeting, saving, retirement planning, risk management and more. These financial plans can help be the roadmap to help clients achieve their short-term and long-term goals.
Planning for retirement is an exciting and daunting time in everyone's life and it’s a significant part of financial advisory services. Advisors can help clients assess their needs for retirement and help them build wealth and manage their super funds to maximise their income for retirement.
Our team of financial advisors can help you manage your self managed super fund. They provide expert guidance on the creation, administration, and investment strategies for self-managed super funds. If you need some guidance on your SMSF, a financial advisor is a great place to start!
At Allied Wealth, we know how important it is to have personalised financial guidance that is tailored to your needs and goals. Our team of expert financial advisors can help you navigate the financial landscape and reach all your short and long-term financial goals.
If you want to find out exactly how our financial advisors can help you, you can contact a member of our team today to learn more about our comprehensive services and our transparent subscription plans.
If you’ve been looking into seeking professional financial advice but the possible price is holding you back, we hear you! One of the very first questions that people ask themselves when they seek financial advice is, “How much does this cost?” and whilst the cost can vary depending on a number of factors we pride ourselves on transparent pricing!
At Allied Wealth, we know that being transparent, especially when it comes to finances,is crucial, and we aim to offer transparent and comprehensive pricing subscription plans so that you can get expert advice every step of the way.
Here is a comprehensive guide to what factors influence the cost of financial advice and how much you can expect to pay with our subscription plan.
One of the main factors that may influence the overall cost of your financial advice services is how complex your situation is. The cost of independent financial advice can depend on your current financial situation, your goals, your assets and your risk tolerance.
When it comes to providing you with the best financial advice, advisors have to assess your financial situation to provide you with tailored recommendations. If your financial situation is more straightforward, you might require just basic advice. But if you have a more complex financial situation you might be charged at a slightly higher rate due to the increase in work for your advisor.
The range of services you need will also impact the overall cost of financial advice. If you’re only seeking advice on retirement planning, you may pay less than if someone was needing guidance with retirement planning, investment advice and SMSF advice.
At Allied Wealth, our subscription plans are tailored to individuals that require a comprehensive range of services. Our 12-month plans which start at $550 a month include scenario analysis, initial and ongoing advice, quarterly investment updates, bi-annual review meetings and ongoing access to your advice that you can get personalised guidance tailored to your needs without hidden fees.
The pricing structure used by financial advisors also plays a role in determining the overall cost of their services. Some advisors will charge a flat fee for their specific services whilst others might use a percentage-based fee structure.
At Allied Wealth, we think that transparent pricing is key to a great advisor/client relationship. Our subscription plan means you get a fixed monthly fee so you know exactly what you’re paying each month. Avoid hidden charges or expensive surprises and remain focused on achieving your financial goals when you work with our team of expert independent advisors.
To find out more about our pricing structure and the types of financial advice services we offer, you can contact a member of our team today.
If you’re looking for transparent pricing from a team of expert independent financial advisors you have definitely come to the right place!
It’s no secret that the financial advisor industry is a male-dominated one, and if you’re a woman looking for financial advice, it can be daunting to lay your finances on the table with a male advisor. Opening up to a financial advisor doesn’t have to be scary, but if you’re looking to work with a female financial advisor to make that initial meeting feel more comfortable, you are well within your rights to do just that!
Here are our top 5 reasons that you should choose a female financial advisor when you’re looking for independent financial advice.
When it comes to working with a female financial advisor, we know the unique challenges that women face in the financial world. We know that women tend to earn less than men and often take time off work more than their male counterparts to have babies, care for their children or care for elderly relatives.
These two factors alone can make it more difficult for you to save for retirement or reach your financial goals and female financial advisors have a deeper understanding (oftentimes even a firsthand understanding) of these challenges and the ways to best approach your finances and financial goals.
When it comes to investing, women tend to be more cautious and also tend to have different priorities when it comes to their money. A female financial advisor knows these worries and concerns well and they may be able to understand and address your concerns and priorities in a way that a male advisor may not be able to do.
When it comes to sharing deeply personal information, like your financial situation, you may be more comfortable sharing that information woman to woman. This may be particularly relevant in delicate situations like divorce or domestic abuse. It’s easier to trust someone that you relate to, so having a financial advisor that is also a woman may make it easier for you to be more comfortable and more open sharing the details of your finances and your life.
When it comes to sharing information about your finances, particularly the nitty gritty details, it’s important to talk to someone who has experience – even lived experience – in your unique situation. When you work with a female financial advisor, chances are that they have had similar experiences or can relate to your experience more than a male financial advisor may be able to. Working with a female financial advisor who knows exactly what you’re going through whether it be relationship changes, career changes or lifestyle changes can help you to navigate the process easier and in a more comfortable environment.
While we definitely aren’t suggesting men aren’t emotionally intelligent, it’s no secret that women are generally associated with having higher levels of empathy and emotional intelligence than their male counterparts. This is crucial when it comes to communication around sensitive subjects, particularly when it comes to the topic of money.
It’s crucial for financial advisors to handle their clients' situations with empathy and care and you may find you receive a higher level of empathy when seeking advice from a female financial advisor.
We know that finding a female financial advisor can sometimes be difficult, and we pride ourselves on having Jess Brizuela on our team if you’re looking to work with an experienced female financial advisor.
At Allied Wealth we have an experienced team of financial advisors, including female financial advisors, that can help guide you through your finances whether you’re looking for retirement planning advice or investment advice.
Contact us today to find out how our team can help you find the female financial advisor you’ve been looking for!
If you’re new to the financial planning world, you’ve probably heard the terms “independent financial advisor” and “financial advisor” thrown around a lot and also often used interchangeably which can be confusing if you’re new to the financial planning landscape.
Understanding the differences between these two roles is crucial in order to help you make an informed decision about the type of financial expert you should choose that will best suit you and your needs.
The key difference between a financial advisor and an independent financial advisor is their independence. If you’re looking for financial advice that isn’t associated with banks or financial institutions an independent advisor is the way to go! Independent financial advisors don’t have limitations on the products and services they can recommend so their advice is unbiased and aligns with your financial goals.
Financial advisors may have a vested interest in recommending specific products or services that they are affiliated with or that are offered by their employer. Independent financial advisors have the freedom to recommend products and services from a huge range of providers so your needs are always met rather than trying to meet a quota for a financial institution.
Independent financial advisors are more known to be client focused, taking the time to understand your individual needs and goals. It’s a personalised approach that allows them to tailor their advice to you and your specific circumstances whilst financial advisors may have to offer more generalised advice due to guidelines put in place by their employers.
The cost and fee structures can vary from financial advisor to independent financial advisor. This may be because financial advisors may earn a commission based on products they sell. Our independent advisors work to be completely transparent with our fees and you can be sure that the way we charge is not at all influenced by any commissions.
When you’re choosing between a financial advisor or an independent financial advisor it all comes down to you and your financial goals. At Allied Wealth we offer you the expertise of independent advisors that are completely committed to your financial growth, independence and transparency.
Understanding the difference between independent financial advisors and financial advisors is crucial when it comes to making an informed decision that best benefits you.
When you’re trying to navigate your finances and unlock a future of financial freedom, choosing an independent financial advisor that has your back and your best interests in mind is crucial.
Just one quick Google search will unlock a number of different independent financial advisors, but which one will be best for you?
Choosing an independent financial advisor that aligns with your goals and has ample experience in the Australian financial landscape is crucial, at Allied Wealth we have the tools to help you on your financial journey. These are our six key considerations we think you should keep in mind when you are trying to choose an independent financial advisor.
Independent financial advisors are a great choice when you’re looking for an independent financial advisor. Independent advisors like our team at Allied Wealth aren’t tied to a specific financial institution so you can be sure that the advice you receive is completely unbiased and based on your best interests. This independence also allows them to give you objective advice that is tailored to your unique financial situation.
Financial planning isn’t easy, and experience and expertise is crucial to ensure you get relevant advice. When you’re picking an independent financial advisor you may want to consider the number of years experience they have. At Allied Wealth our independent financial advisors have over 20 years of experience so you can be sure you’re getting informed, relevant and tailored advice.
Before you commit to a decision, you’ll want to check out what other people have to say about the services on offer. Checking out client reviews and testimonials is a great way to gauge how satisfied previous clients have been with the independent financial advisor you’re considering. At Allied Wealth, we value your satisfaction – and our client testimonials are proof of our commitment to offering quality advice.
A good independent financial advisor prioritises you and your individual goals and dreams. Pay attention to whether or not your independent financial advisor listens to your concerns and goals, and how well they tailor their advice to your specific financial situation. We are committed to maintaining a client-centric approach to fully understand your circumstances and how we can best help you reach your financial goals.
When choosing an independent financial advisor, understanding how they charge is crucial. You may want to ask for a breakdown of the fee’s to understand exactly how your independent financial advisor is being compensated. Fee transparency is a crucial aspect to build trust between you and your advisor.
You’ll want to look for an independent financial advisor who offers a comprehensive range of services that meet all your needs. Whether you’re after retirement planning, wealth management or wealth growth strategies, our team at Allied Wealth can help you out!
At Allied Wealth, we are committed to independence, experience and your overall satisfaction. If you’ve been on the hunt for an independent financial advisor but haven’t had any luck, contact us for all the tips and tricks you need to find an independent financial advisor who prioritises you with Allied Wealth.